Using the information below, estimate an implied share price:

\begin{tabular}{|c|c|c|c|c|c|} \hline \multirow[t]{2}{*}{ Input Data } & \multirow[b]{2}{*}{ Hist. } & & & \multirow{2}{*}{\multicolumn{2}{|c|}{\begin{tabular}{c} Steady \\ State \\ 4 \end{tabular}}} \\ \hline & & \begin{tabular}{c} Proj. \\ 1 \end{tabular} & \begin{tabular}{c} Proj. \\ 2 \end{tabular} & & \\ \hline \multicolumn{6}{|c|}{ Pro Forma Income Statement (extracts) } \\ \hline EBIT & 330 & 396 & 462 & 495 & 521 \\ \hline Interest expense & 3 & 4 & 5 & 5 & 5 \\ \hline PBT & 327 & 392 & 457 & 490 & 516 \\ \hline Tax expense & 98 & 118 & 137 & 147 & 155 \\ \hline Net income & 229 & 274 & 320 & 343 & 361 \\ \hline Tax rate & 30% & 30% & 30% & 30% & 30% \\ \hline \multicolumn{6}{|c|}{ Pro Forma Balance Sheet (extracts) } \\ \hline Depreciation & 356 & 428 & 499 & 535 & 612 \\ \hline Capital expenditure & 396 & 475 & 554 & 594 & 625 \\ \hline OWC & 660 & 792 & 923 & 990 & 1,041 \\ \hline \multicolumn{6}{|l|}{ Other assumptions } \\ \hline Debt & 2,736 & & & & \\ \hline Cash & 305 & & & & \\ \hline Marketable securities & 641 & & & & \\ \hline Number of outstanding shares & 1,498 & & & & \\ \hline WACC & 8.80% & & & & \\ \hline Terminal value growth rate & 4.0% & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow[t]{2}{*}{ Input Data } & \multirow[b]{2}{*}{ Hist. } & & & \multirow{2}{*}{\multicolumn{2}{|c|}{\begin{tabular}{c} Steady \\ State \\ 4 \end{tabular}}} \\ \hline & & \begin{tabular}{c} Proj. \\ 1 \end{tabular} & \begin{tabular}{c} Proj. \\ 2 \end{tabular} & & \\ \hline \multicolumn{6}{|c|}{ Pro Forma Income Statement (extracts) } \\ \hline EBIT & 330 & 396 & 462 & 495 & 521 \\ \hline Interest expense & 3 & 4 & 5 & 5 & 5 \\ \hline PBT & 327 & 392 & 457 & 490 & 516 \\ \hline Tax expense & 98 & 118 & 137 & 147 & 155 \\ \hline Net income & 229 & 274 & 320 & 343 & 361 \\ \hline Tax rate & 30% & 30% & 30% & 30% & 30% \\ \hline \multicolumn{6}{|c|}{ Pro Forma Balance Sheet (extracts) } \\ \hline Depreciation & 356 & 428 & 499 & 535 & 612 \\ \hline Capital expenditure & 396 & 475 & 554 & 594 & 625 \\ \hline OWC & 660 & 792 & 923 & 990 & 1,041 \\ \hline \multicolumn{6}{|l|}{ Other assumptions } \\ \hline Debt & 2,736 & & & & \\ \hline Cash & 305 & & & & \\ \hline Marketable securities & 641 & & & & \\ \hline Number of outstanding shares & 1,498 & & & & \\ \hline WACC & 8.80% & & & & \\ \hline Terminal value growth rate & 4.0% & & & & \\ \hline \end{tabular}